(Bloomberg) -- OQ Chemicals has appointed Hans-Joachim Ziems as chief restructuring officer, according to a person familiar, as the Germany-based firm faces nearly $1 billion in loan maturities this year.

Ziems is expected to lead negotiations with creditors as the company considers proposals from potential investors, the person said, speaking on condition of anonymity. OQ Chemicals, which is owned by Oman’s state energy company, has been searching for a solution that allows it to refinance its debt after OQ SAOC ruled out an equity injection. 

A spokesperson for OQ Chemicals confirmed that Ziems would join the management board alongside Chief Financial Officer Silvia Weppler and Chief Executive Officer Oliver Borgmeier. Ziems was previously appointed CRO for Leoni AG, an automotive supplier, and was on the management board of real estate company IVG Immobilien. 

OQ Chemicals has been locked in negotiations with stakeholders to find alternative ways to address term loans of around €475 million ($512 million) and $435 million that mature in October. Private equity firm Advent International has been in talks about a potential move to inject fresh capital into OQ Chemicals in exchange for a majority stake in the company, Bloomberg previously reported. 

In a separate statement, OQ Chemicals said Tuesday that it had restarted production at its German plants in Oberhausen and Marl. Force majeure for some products had been declared following disruption at a raw material supplier’s synthesis gas plant.

(Updates with spokesperson confirmation in third paragraph.)

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